Stock market today: Live updates

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Stock market today: Live updates

Traders work on the floor of the New York Stock Exchange on July 11, 2024.

Spencer Platt | Getty Images

The S&P 500 retreated from a record as investors rotated out of the big technology winners of the year like Nvidia,

This is the hidden content, please

• Sign In
• or
• Sign Up

and Meta. The catalyst for the move was the lowest CPI reading in more than three years, which sent rates lower and investors into small-caps and housing-related shares.

The S&P 500 fell 0.6%, retreating from a record it touched earlier in the session. The Nasdaq Composite pulled back 1.4%, after also hitting a new record earlier in the trading day. The Dow Jones Industrial Average added 43 points, or 0.1%. Nvidia, which is up 165% on the year, lost nearly 4%.

Stock Chart IconStock chart icon

S&P 500, 1-day

The small-cap benchmark Russell 2000 Index gained 3% as investors hoped for a Federal Reserve rate cut in September and an economic soft landing following the inflation data.

Housing-related shares such as Home Depot and D.R. Horton jumped on the hope lower rates would reignite a stalling housing market. Industrial stocks like Caterpillar also gained.

The consumer price index fell 0.1% last month from May, bringing the annual inflation rate down to 3%. Economists surveyed by Dow Jones had expected a 0.1% monthly increase and a 3.1% annual rate. Core CPI, which excludes food and energy, came in at a 3.3% annual rate, also lower than economists expected.

Treasury yields fell following the CPI data as traders upped their bets for interest rate cuts.

“With another good CPI print under their belt, the window is open for the Federal Reserve to cut interest rates as early as September, and potentially again in December, assuming the inflation data continues to cooperate,” said Skyler Weinand, chief investment officer at Regan Capital.

Odds of a September rate cut rose to greater than 80% based on fed funds futures trading following the CPI data, according to the CME FedWatch tool. Traders still see the Fed standing pat at its meeting later this month.

Investors also took some money off the table following a big rally on Wednesday. The S&P 500 added 1% on Wednesday to close above 5,600 for the first time, while the Nasdaq Composite advanced 1.18% to a record close. The 30-stock Dow gained 429.39 points on the day.

This is the hidden content, please

• Sign In
• or
• Sign Up

#Stock #market #today #Live #updates

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up